JCPenny Received Inquiry From Regulators.

JCPenney Received Inquiry From Regulators. Troubled retailer J.C. Penney (JCP) has received a letter of inquiry from the SEC according to reports. The request is for information about the company’s "liquidity, cash position, and debt and equity financing." Regulators are also requesting information about the company’s recent stock offering. Pre-market: 8.65 -0.20 (-2.26%)

Upgrades:

Boston Scientific (BSX): Cowen raised their rating from Market Perform to Outperform. Pre-market: 11.48 +0.14 (1.23%)

Dollar General (DG): Goldman Sachs raised their rating from Neutral to Conviction Buy and raised their target price from $64.00 to $71.00.

Infosys (INFY): Cowen raised their rating from Market Perform to Outperform and raised their target price from $55.00 to $65.00. Pre-market: 54.95 +1.08 (2.00%)

Intel (INTC): Drexel Hamilton raised their rating from Hold to Buy and raised their target price from $26.00 to $30.00. Pre-market: 24.93 +0.67 (2.76%)

Intel (INTC): Citigroup raised their rating from Neutral to Buy. Pre-market: 24.93 +0.67 (2.76%)

Downgrades:

Accenture (ACN): Cowen lowered their rating from Outperform to Market Perform and lowered their target price from $92.00 to $72.00. Pre-market: 75.66 -0.13 (-0.17%)

Family Dollar (FDO): Sterne Agee lowered their rating from Neutral to Underperform and placed a target price of $56.00 on the company. Pre-market: 67.30 -0.30 (-0.44%)

IBM (IBM): Cowen lowered their rating from Outperform to Market Perform and lowered their target price from $234.00 to $165.00. Pre-market: 176.79 +0.71 (0.40%)

Tyco Intl (TYC): Argus lowered their rating from Buy to Hold. Pre-market: 37.40 +0.15 (0.40%)

Coverage Initiated:

Chevron (CVX): HSBC initiated coverage with an Overweight rating and target price of $138.00. Pre-market: 122.15 +1.05 (0.87%)

Ensco (ESV): FBR Capital initiated coverage with a Market Perform rating and target price of $62.00.

Exxon Mobil (XOM): HSBC initiated coverage with an Underweight rating and target price of $92.00. 

Pre-market: 94.95 +0.82 (0.87%)

National Oilwell (NOV): FBR Capital initiated coverage with an Outperform rating and target price of $100.00.

Nokia (NOK): JPMorgan initiated coverage with an Overweight rating and target price of $10.80. Pre-market: 7.84 +0.11 (1.42%)

Earning Reports:

American Eagle (AEO): Reported EPS of $0.19 beating estimates by +$0.01. Pre-market: 15.75 -0.65 (-3.96%)

Big Lots (BIG): Reported EPS of -$0.16 missing estimates by -$0.08. Pre-market: 33.80 -3.33 (-8.97%)

Diamond Foods (DMND): Reported EPS of $0.18 beating estimates by +$0.01. Pre-market: 23.00 -1.14 (-4.72%)

Five Below (FIVE): Reported EPS of $0.05 beating estimates by +$0.01. Pre-market: 45.25 -2.50 (-5.24%)

Pacific Sunwear (PSUN): Reported EPS of -$0.05 in-line with estimates. Pre-market: 3.20 +0.44 (15.94%)

Ulta Salon (ULTA): Reported EPS of $0.72 missing estimates by -$0.02. Pre-market: 96.26 -21.74 (-18.42%)

Zumiez (ZUMZ): Reported EPS of -$0.46 in-line with estimates. Pre-market: 25.20 -1.04 (-3.96%)

Markets: 
Futures at 6:20: Dow +0.3%. S&P +0.4%. Nasdaq +0.3%. Crude to $97.24. Gold -0.2% to $1229.60. 

Europe: London +0.4%. Paris +0.1%. Frankfurt +0.5%. 

Asia: Japan +0.8% to 15300. Hong Kong +0.1% to 23743. China -0.4% to 2237. India +0.15% to 20989. 

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Morning Coffee Pre-Market Wall Street News

Nike Beats Earnings Estimates. Sporting goods manufacture Nike (NKE) reported that their FQ4 earnings beat Wall Street expectations. Net profit at the company soared +22% to $668M, adjusted EPS came in at $0.76 while revenues climbed +7% to $6.7B. Sales in North American increased by +12% and revenues continued to grow in emerging markets.  The company saw a decline in both Japan and Europe, while China was flat. Pre-market: 61.10 -1.22 (-1.96%)

Upgrades:

Bed Bath & Beyond (BBBY): BofA Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $82.00 on the company. After Hours: 70.15 0.00 (0.00%)

Zumiez (ZUMZ): Wedbush raised their rating from Neutral to Outperform and raised their target price from $30.00 to $36.00. Pre-market: 28.25 +0.30 (1.07%)

Pacific Sunwear (PSUN): Wedbush raised their rating from Neutral to Outperform and raised their target price from $3.75 to $4.00. Pre-market: 3.41 +0.08 (2.40%)

Downgrades:

Accenture (ACN): UBS lowered their rating from Buy to Neutral and lowered their target price from $85.00 to $77.00. Pre-market: 73.50 -6.72 (-8.38%)

BAE Systems (BAESY): Deutsche Bank lowered their rating from Buy to Hold.

Owens Corning (OC): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $48.00 to $43.00.

Coverage Initiated:

Cognizant Tech (CTSH): Societe Generale initiated coverage with a Buy rating and target price of $74.00. Pre-market: 61.00 -2.10 (-3.33%)

Infosys (INFY): Societe Generale initiated coverage with a Hold rating and target price of $44.00. Pre-market: 41.50 +0.11 (0.27%)

Tesla Motors (TSLA): Wedbush initiated coverage with a Neutral rating and target price of $110.00. Pre-market: 110.02 +0.77 (0.70%)

Torchmark (TMK): RBC Capital initiated coverage with an Underperform rating and target price of $60.00. After Hours: 65.72 0.00 (0.00%)

Earning Reports:

Accenture (ACN): Reported EPS of $1.14 beating estimates by +$0.01. Pre-market: 73.50 -6.72 (-8.38%)

Finish Line (FINL): Reported EPS of $0.20 beating estimates by +$0.04. After Hours: 21.20 0.00 (0.00%)

Nike (NKE): Reported EPS of $0.76 beating estimates by +$0.01. Pre-market: 61.10 -1.22 (-1.96%)

Research in Motion (BBRY): Reported EPS of -$0.13 missing estimates by -$0.20. Pre-market: 11.91 -2.57 (-17.75%)

Markets: 

Futures at 6:25: Dow +0.19%. S&P +0.15%. Nasdaq +0.16%. Crude +0.24% to $97.27. Gold -0.65% to $1204.00. U.S. 10 Year +4/32 2.456%

Europe: London -0.05%. Paris -0.49%. Frankfurt -0.21%. 

Asia Japan +3.51% to 13677. Hong Kong +1.78% to 20803. China+1.50% to 1979. India +2.75% to 19396. 

Morning Coffee Pre-Market Wall Street News

Berkshire Hathaway Followers Ready for Pilgrimage.  Hordes of Warren Buffett followers are ready to descend on Berkshire Hathaway Inc. shareholders meeting this weekend. Prior to the meeting the company is expected to release their quarterly results. Wall Street analysts expect the company to report EPS of $1,995.50 per Class A share according to Thomson Reuters. One year ago for the same quarter the company reports EPS of $1,966. On Saturday Chairman Warren Buffett and Vice Chairman Charlie Munger will speak to the thousands of followers on topics ranging from the company’s performance, to the economy and general investing. Reports say that Hedge-fund manager Doug Kass will grill Buffett about Berkshire’s business. Kass is short Berkshire, meaning he expects the shares to fall in price. In a statement Kass said “My challenge is to ask some original questions, some that have never been asked, that might divulge new news and give people some insight.”

Upgrades

Hewlett-Packard (HPQ): Jefferies raised their rating from Underperform to Hold and raised their target price from $18.50 to $24.00. Pre-market: 23.18 +1.95 (9.19%)

Pacific Sunwear (PSUN): Wedbush raised their rating from Underperform to Neutral and raised their target price from $2.00 to $3.75. Pre-market: 3.20 +0.28 (9.59%)

Pacific Sunwear (PSUN): Topeka raised their rating from Hold to Buy and placed a target price of $4.50 on the company. Pre-market: 3.20 +0.28 (9.59%)

Seagate Tech (STX): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $40.00 to $46.00. Pre-market: 42.03 -0.14 (-0.33%)

Downgrades

Blue Nile (NILE): RBC Capital lowered their rating from Outperform to Sector Perform and maintained a target price of $36.00 on the company. Pre-market: 33.55 -1.02 (-2.95%)

Comerica (CMA): Susquehanna lowered their rating from Neutral to Negative and placed a target price of $30.00 on the company.

Devon Energy (DVN): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $62.50 to $61.50. Pre-market: 58.00 -1.15 (-1.94%)

E.I. DuPont de Nemours (DD): BGC Partners lowered their rating from Hold to Sell and placed a target price of $50.00 on the company. Pre-market: 54.97 -0.60 (-1.08%)

Coverage Initiated

Chipolte Mexican Grill (CMG): Credit Suisse initiated coverage with a Neutral rating and target price of $360.00. Pre-market: 368.00 -3.05 (-0.82%)

Johnson & Johnson (JNJ): Credit Suisse initiated coverage with an Underperform rating and target price of $73.0. Pre-market: 87.19 -1.27 (-1.44%)

NVIDIA (NVDA): Topeka initiated coverage with a Hold rating and target price of $15.00. Pre-market: 14.15 -0.25 (-1.74%)

Earning Reports

Advance Auto (AAP): Reported EPS of $1.65 beating estimates by +$0.03. Pre-market: 86.15 +0.35 (0.41%)

Children’s Place (PLCE): Reported EPS of $0.83 beating estimates by +$0.22. Pre-market: 53.00 +1.53 (2.97%)

Dollar Tree (DLTR): Reported EPS of $0.59 beating estimates by +$0.02. Pre-market: 49.60 +1.23 (2.54%)

Hormel Foods (HRL): Reported EPS of $0.46 missing estimates by -$0.03.

Kirklands (KIRK): Reported EPS of $0.10 beating estimates by +$0.05.

Paterson Companies (PDCO): Reported EPS of $0.62 in-line with estimates. Pre-market: 37.22 -1.78 (-4.56%)

Perry Ellis (PERY): Reported EPS of $0.62 beating estimates by +$0.03.

Polo Ralph Lauren (RL): Reported EPS of $1.41 beating estimates by +$0.11. Pre-market: 180.51 -7.55 (-4.01%)

Toro (TTC): Reported EPS of $1.32 beating estimates by +$0.15.

Toronto-Dominion Bank (TD):  Reported EPS of $1.92 in-line with estimates.

Markets: 
Futures at 8:06: Dow -0.79%. S&P -0.95%. Nasdaq: -0.93%. Crude -1.47% to $92.89. Gold +1.86% to $1393.00.

Europe: London -1.80%. Paris -2.50%. Frankfurt -2.65%. 

Asia: Japan: -6.80% to 14564. Hong Kong -2.54% to 22669. China -1.16% to 2276. India -1.93% to 19674.